{"id":3730,"date":"2024-12-12T20:27:02","date_gmt":"2024-12-12T20:27:02","guid":{"rendered":"https:\/\/www.chrisbrownrealestate.ca\/blog\/?p=3730"},"modified":"2024-12-12T21:47:27","modified_gmt":"2024-12-12T21:47:27","slug":"new-mortgage-rules-for-purchases-under-1-5m-with-less-than-20-down","status":"publish","type":"post","link":"https:\/\/www.chrisbrownrealestate.ca\/blog\/new-mortgage-rules-for-purchases-under-1-5m-with-less-than-20-down\/","title":{"rendered":"New Mortgage Rules for Purchases Under $1.5M with Less Than 20% Down"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-3731\" src=\"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-content\/uploads\/2024\/12\/707-E-3-28.jpg\" alt=\"\" width=\"1024\" height=\"683\" srcset=\"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-content\/uploads\/2024\/12\/707-E-3-28.jpg 1024w, https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-content\/uploads\/2024\/12\/707-E-3-28-300x200.jpg 300w, https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-content\/uploads\/2024\/12\/707-E-3-28-768x512.jpg 768w, https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-content\/uploads\/2024\/12\/707-E-3-28-750x500.jpg 750w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p class=\"\">Exciting news for homebuyers! Here\u2019s what\u2019s changing and how it could impact you:<\/p>\n<p class=\"\"><strong class=\"\">Max Home Price:<\/strong>\u00a0You can now buy a home priced up to\u00a0<strong class=\"\">$1.5M<\/strong>\u00a0with less than 20% down. This opens the door to more options in higher price ranges.<\/p>\n<p class=\"\"><strong class=\"\">Down Payment Requirements:<\/strong><\/p>\n<ul class=\"\">\n<li class=\"\"><strong class=\"\">For homes under $1M:<\/strong>\u00a0The minimum is still\u00a0<strong class=\"\">5% on the first $500K<\/strong>\u00a0and\u00a0<strong class=\"\">10% on the amount above $500K.<\/strong><\/li>\n<li class=\"\"><strong class=\"\">For homes between $1M and $1.5M:<\/strong>\u00a0A minimum of\u00a0<strong class=\"\">10% is required on the total purchase price.<\/strong><\/li>\n<\/ul>\n<p class=\"\"><strong class=\"\">CMHC Insurance Required:<\/strong>\u00a0All purchases with less than 20% down will require\u00a0<strong class=\"\">mortgage insurance.<\/strong>\u00a0This protects lenders and allows you to access this lower down payment option. Insurance premiums are added to your mortgage balance and depend on the size of your down payment.<\/p>\n<p class=\"\"><strong class=\"\">What Does This Mean for You?<\/strong><br class=\"\" \/>This change gives more buyers flexibility to enter the market or consider homes in higher price ranges. However, keep in mind that with CMHC insurance, there are additional costs, and your overall affordability will still depend on your financial situation and interest rates.<\/p>\n<p class=\"\">Have questions about how this could work for you? DM us today to explore your options and see how much home you can afford!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You can now buy a home priced up to\u00a0$1.5M\u00a0with less than 20% down. This opens the door to more options in higher price ranges.<\/p>\n","protected":false},"author":2,"featured_media":3731,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[59],"tags":[],"class_list":["post-3730","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-update"],"_links":{"self":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/3730"}],"collection":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/comments?post=3730"}],"version-history":[{"count":1,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/3730\/revisions"}],"predecessor-version":[{"id":3732,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/3730\/revisions\/3732"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/media\/3731"}],"wp:attachment":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/media?parent=3730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/categories?post=3730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/tags?post=3730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}